The Hyderabad housing market experienced a substantial decline in the July-September quarter of 2024, according to the latest ‘Real Insight Residential Report’ from PropTiger.com, a part of REA India. The report highlights a staggering 58% year-on-year (YoY) drop in new residential launches, alongside a 19% decrease in housing sales.
This downturn is largely attributed to a sharp rise in home prices, which surged nearly 20% across India’s top eight residential markets, significantly impacting affordability and dampening demand. In Hyderabad, housing sales fell to 11,564 units in Q3 2024, down from 14,191 units in the same quarter last year, marking a 19% YoY decline.
New residential launches in the city also took a hit, plummeting by 58% to just 8,546 units in Q3 2024 compared to 20,481 units during the same period in 2023. This drastic reduction reflects rising property prices and a strategic shift by developers in response to evolving market conditions.
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Despite these declines, industry experts remain hopeful for a potential market recovery in the upcoming months. They anticipate that as buyers adapt to the new price realities, coupled with developers introducing promotional offers, the Hyderabad housing market may stabilize and regain momentum in the near future.
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